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In: Accounting

Metlock Company’s record of transactions for the month of April was as follows. Purchases Sales April...

Metlock Company’s record of transactions for the month of April was as follows.

Purchases

Sales

April 1 (balance on hand) 840 @ $6.00 April 3 700 @ $10.00
4 2,100 @ 6.08 9 1,960 @ 10.00
8 1,120 @ 6.40 11 840 @ 11.00
13 1,680 @ 6.50 23 1,680 @ 11.00
21 980 @ 6.60 27 1,260 @ 12.00
29 700 @ 6.79 6,440
7,420

Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Average-cost per unit $  

  

Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.)

LIFO

$

Average-cost

$

  

Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.)

(1)
FIFO

(2)
LIFO

Inventory

$

$

  

Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to 0 decimal places, e.g. 2,760.)

Cost of goods sold

$


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